Daniel Vassallo

Daniel Vassallo quotes on entrepreneurship

Building a portfolio of small bets. Quarter-time with Gumroad. Building userbase.com. Creator on dvassallo.gumroad.com. Ask me anything at daniel@hey.com.

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1

Most important lesson I learned about entrepreneurship: You can’t predict the future. You can’t predict what will work. You can’t predict what will last. So the only viable strategy in all this uncertainty is to survive long enough to stumble on good opportunities.

2

It turns out that with extreme application of the 80/20 rule, you can discover, start, build, and run several business activities at the same time without even working full-time.

3

If you like the self-employed lifestyle, and you'd rather not go back to full-time employment, you need extreme risk aversion, not extreme risk taking. You're not trying to maximize profits. You want to avoid having this lifestyle taken away from you.

4

Serial entrepreneurs like to create businesses. Portfolio entrepreneurs like to run businesses. (Creating them is a means to an end.) You get a huge advantage in business if you learn what you really like doing.

5

Becoming self-employed is easy. Staying so is hard. Once you become exposed to the risk of failing to make it sustainable, you change. You become more risk averse, because you wouldn't want this lifestyle to be taken away from you.

6

When you work for yourself, you don’t get your performance review from your peers. You get it from your accountant. In fact, not even from the accountant you have today, but from the one you’ll have 10 years from now. When we’re independent, it is time that becomes our judge.

7

When you work for yourself, a small mistake is information. It helps you adapt your approach, which increases your odds of future success. When you’re employed, a small mistake might go in your performance record, which increases your odds of getting fired.

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